SoftBank wants OpenAI to bankroll the next AI blitz

OpenAI isn’t just an investment anymore

SoftBank is treating its OpenAI position less like a trophy on the shelf and more like a credit card with an absurdly high limit. During its earnings call, a company executive said financing with OpenAI assets — like a margin loan — is “possible.” Translation: why sell the golden goose when you can borrow against it?

The AI spending machine keeps humming

The company is already juggling a monster list of AI ambitions. That includes:

• Stargate-linked data center builds
• Massive AI infrastructure projects in the U.S.
• Expansion tied to Arm Holdings
• The planned acquisition of ABB Robotics

And because apparently “large” wasn’t large enough, SoftBank also unveiled what it called the world’s largest integrated power and data center campus in Ohio, with a planned 10-gigawatt power capacity.

Leverage, but make it bullish

This is the part investors should pay attention to: SoftBank isn’t trying to cash out of OpenAI to fund the next chapter. It’s trying to keep the upside while using the asset as collateral. That’s a very SoftBank move — bold, levered, and mildly terrifying if the AI trade gets wobbly.

The company also said OpenAI’s valuation has climbed from $150 billion in 2024 to $730 billion earlier this year. Big number? Yes. Reason for investors to care? Also yes. If SoftBank can tap that value without selling, it gets more firepower for its AI empire without giving up the main prize.

Big picture

SoftBank is effectively betting that AI is still in the early innings, and it wants to play offense with every chip on the table. If that bet works, the company could look genius. If it doesn’t, well, leverage has a way of making “visionary” and “overextended” look very similar very fast.